[Federal Register Volume 61, Number 106 (Friday, May 31, 1996)]
[Notices]
[Pages 27378-27379]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-13697]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37234; File No. SR-PHILADEP-96-06]
Self-Regulatory Organizations; Philadelphia Depository Trust
Company; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change to Amend the Fee Schedule for the Legal Deposit Service.
May 21, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\, notice is hereby given that on April 1, 1996, the
Philadelphia Depository Trust Company (``Philadep'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change (File No. SR-PHILADEP-96-06) as described in Items I, II, and
III below, which Items have been prepared primarily by Philadep. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested parties.
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\1\ 15 U.S.C. Sec. 78s(b)(1) (1988).
I. Self-Regulatory Organization's Statement of the Terms of
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Substance of the Proposed Rule Change
Philadep proposes to consolidate and modify the fees and the
underlying volume categories for its Legal Deposit Service.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Philadep included statements
concerning the purposes of and the basis for the proposed rule change
and discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. Philadep has prepared summaries, as set forth in
sections (A), (B), and (C) below, of the most significant aspects of
these statements.\2\
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\2\ The Commission has modified the text of the summaries
prepared by Philadep.
(A) Self-Regulatory Organization's Statement of the Purpose of, and the
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Statutory Basis for, the Proposed Rule Change
Philadep proposes to modify its existing fees for its Legal Deposit
Service. Under the existing schedule, medium volume depositors pay
significantly greater costs than high volume depositors. In order to
attract new medium volume business while offering its current users
more cost competitive pricing, Philadep is consolidating the number of
categories for its Legal Deposit Service and modifying the fees that
the medium volume participants pay for this service.
The text of the proposed rule change is as follows:
Philadelphia Depository Trust Company--Schedule of Fees
Additions are italicized; deletions [bracketed]
5. Legal Deposits
Processing fees are based upon monthly deposit volume:
Volume Level:
[0-100.................................... $8.50.
101-500................................... $6.00.
501-1,000................................. $5.50.
1,001-1,700............................... $5.00.
1,701-2,500............................... $4.50.
2,501-3,000............................... $3.50 flat fee for all legal
deposits.
3,001 and over............................ $2.75 flat fee for all legal
deposits.]
1-300............................................................$8.50.
301-3000.........................................................$3.50.
3001 and over....................................................$2.75.
No charge for deposit rejects. Transfer agent charges will be passed
through to the Participant on an item for item basis.
Philadep believes the proposed change complies with Section 17A of
the Act because it provides for the
[[Page 27379]]
equitable allocations of reasonable dues, fees, and other charges among
participants.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change will not impose any inappropriate burden
on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received from Members, Participants or Others
Written comments were neither solicited nor received with respect
to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Changes and Timing
for Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) \3\ of the Act and pursuant to Rule 19b-4(e)(2) \4\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge. At any time within sixty days of the filing
of such rule change, the Commission may summarily abrogate such change
if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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\3\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\4\ 17 CFR 240.19b-4(e)(2) (1995).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549. Copies
of the submission, all subsequent amendments, all written statements
with respect to the proposed rule change that are filed with the
Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for inspection and copying in the
Commission's Public Reference Section, 450 Fifth Street, NW,
Washington, DC 20549. Copies of such filings will also be available for
inspection and copying at the principal office of Philadep. All
submissions should refer to File Number SR-PHILADEP-96-06 and should be
submitted by June 21, 1996.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-13697 Filed 5-30-96; 8:45 am]
BILLING CODE 8010-01-M
